2023 (5) TMI 370 - SCH - Income Tax

Characterization of receipts - entrance fees received from its member - capital receipts or revenue receipts - whether facilities that are made available to the members are done in normal course of its business as the assessee is engaged in the business of race course? - HC held any sum paid by a member to acquire the rights of a club is a capital receipt - HELD THAT - We are not inclined to entertain the Special Leave Petition under Article 136 of the Constitution. Special Leave Petition is accordingly dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petition under Article 136 of the Constitution after condoning the delay. The petition was accordingly dismissed, and any pending application was disposed of.